BRAC Bank gets JPMorgan Chase recognition

Published: 22:58, Jul 28,2020


BRAC Bank has received the 2020 US Dollar Clearing MT103 and 2020 US Dollar Clearing MT202 quality recognition awards from American multinational investment bank and financial services holding company JPMorgan Chase and Co, said a press release.

JPMorgan, considered as one of the world’s most valuable banks by market capitalisation, has been giving away the awards globally since 1997.

Through this recognition, they acknowledge the consistency and highquality performance of their clients’ funds transfer operations management.

The recognition came to BRAC Bank for achieving the bestinclass Straight Through Processing (STP) payments in both MT103 and MT202 categories.

BRAC Bank has received the recognition for the third consecutive year.

The ‘MT 103 Quality Recognition Award’ is given to clients who achieve greater than or equal to 90 per cent STP rate maintaining a minimum threshold of the debit volume of MT 103 transactions in 2019. Whereas the ‘MT 202 Quality Recognition Award’ is given to the clients that achieve greater than or equal to 98 per cent STP rate maintaining a minimum threshold of the debit volume of MT 202 transactions in 2019.

BRAC Bank has achieved 97.54 per cent and 99.30 per cent respectively in these categories.

Given the difficulty of the COVID-19 situation across the globe, JPMorgan organised a virtual award-giving ceremony to present BRAC Bank with the award certificates and crests.

BRAC Bank DMD and chief operating officer Sabbir Hossain received the crests from Christine Tan, managing director, head of Asia PacificFinancial Institutions Group of JPMorgan Chase at the digital ceremony.

JP Morgan Bangladesh office executive director and chief representative Sazzad Anam and other senior officials from BRAC Bank were also present on this occasion.

Commenting on the recognition, BRAC Bank managing director and CEO Selim RF Hussain said: ‘This recognition, for a third consecutive year, speaks of our adeptness in digital banking and process efficiency. The higher STP rate (above 97 per cent in both categories) correlates to lower operating risks and higher system performance. This also proves that BRAC Bank’s inter-bank and client transactions are carried out with speed and high accuracy’.

— New Age

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